Hi All,
Just after a bit of advice I bought my flat just over a year ago and took out a 5 year fix mortgage 73% LTV with nationwide with. Urgent repair works to the sash windows (in a worse state than I thought) meant the money I set aside to replace the kitchen had to be used.
The kitchen is in dire need of replacing (I'm not exaggerating and have lived with it for over 18 months as we rent the flat before we bought) but it's verging on a health hazard. We also need to contribute to urgent repairs to building (hoping to reclaim this from surveyor who didn't spot the problem but that could be a long process)
So upshot is I need a loan of about £8,000 a friend suggested that we increase the mortgage. Is this possible 1 year into a 5 year fix? If it is, is it a new mortgage (ie back to year 0 on a five year fix and so new rate, fee's etc)
We will be in a position to over pay by £500 per month at the end of the year so not to worried about adding to the mortgage over the longer term, but don't want to be tied in for another year as the plan is in 4 years is to take out as much equity as possible and put the flat onto a buy to let and buy a family home near my folks. Hope that makes sense!
Just after a bit of advice I bought my flat just over a year ago and took out a 5 year fix mortgage 73% LTV with nationwide with. Urgent repair works to the sash windows (in a worse state than I thought) meant the money I set aside to replace the kitchen had to be used.
The kitchen is in dire need of replacing (I'm not exaggerating and have lived with it for over 18 months as we rent the flat before we bought) but it's verging on a health hazard. We also need to contribute to urgent repairs to building (hoping to reclaim this from surveyor who didn't spot the problem but that could be a long process)
So upshot is I need a loan of about £8,000 a friend suggested that we increase the mortgage. Is this possible 1 year into a 5 year fix? If it is, is it a new mortgage (ie back to year 0 on a five year fix and so new rate, fee's etc)
We will be in a position to over pay by £500 per month at the end of the year so not to worried about adding to the mortgage over the longer term, but don't want to be tied in for another year as the plan is in 4 years is to take out as much equity as possible and put the flat onto a buy to let and buy a family home near my folks. Hope that makes sense!